Need Suggestions On What To Do Next.
I believe my biggest problem as a newbie is figuring out where to start. I've done a good bit of reading.. thought about what RE investing I'd like to do...and what areas of town.
So when I go to my local paper..or look up properties online, that's usually as far as it goes. For some reason I'm afraid to make that initial call. I suppose I don't know what I should be asking..and don't want to sound inexperienced.
So I'm asking for some assistance. What basic questions should I ask when I make that first call on a property that I saw an ad for? What other more specific information should I gather? How do I spot pitfalls, or too good to be true deals?
For example: Here's 2 ads I highlighted in the paper. To my novice eyes..they sound pretty good. What would you do next?
Ad #1
Good credit, bad credit, no credit. 100% fin. 3BR/1BA. Sale, rent, or lease. $95K Receive cash. Investors welcome.
Ad #2
Downtown. Handyman special cheap! Investor's Landlord dream. Purchase $65900. Fair market value $115K. Repairs $12K. 3BR. Owner.
I really need some insight from the veteran investors on how to make the transition of reading ads..and knowing how to make that smart first call.
Thanks in Advance.
The first one is the hardest. How much will you make if you never call anyone. etc. These are all not new, and all accurate.
No one will do this for you. This step is on you.
Try to identify what it is that's preventing you from moving ahead, and chip away at that a little at a time. If you are nervous about talking to people, that you don't know, Start saying hello to strangers that you meet in the course of your daily grind. Then move onto something like weather etc. when you get more comfortable with this, move on to the next step. Make progressive steps in the direction that you need to move in order to start making calls.
If you market correctly, you will have Qualified sellers calling you. They will have partially qualified themselves simply by picking up the phone and calling you. If you can't talk to someone that is telling you that they want to sell you their home, could you talk to them if you were setting an apointment for someone else to buy the home?
If nothing can get you talking to sellers, pay someone to do it for you.
Or you could just quit and continue doing what you are dong now, and in ten years ask yourself "What if?"
The next step is for you to take. if you can make the desire stronger than the fear, you'll do what you need to do. If not?
By the way, I'd call on the ads, even if they are investors, you may find a bird-dog that will make the calls for you. Or a wholesale deal.
Good Luck,
Jeff
Nike says just do it. Narrow down in you mind what you want to do. What type re investing do you want to do. If you want to buy and rehab and resale the second ad looks great to start. Ask about area, how many houses in the area are for sale, how many run down, any new construction, etc. Ask about financing, owner financing available, condition of property, etc. My number one question is why are you selling ? If they are not motovated you will not get a good deal. What is your motovation for buying. You do not seem very motovated if you have not even called on one ad. Do you need a home to live in . This is a pretty easy step to do. You may not be cut out to be an investor. Some folks are just too shy or too ????. Try to figure out where you are
Hope this helps some
Ted Jr
Chrishette -
Hey, I would recommend that you start off first by purchasing a REI course. John Locke's Subjuct 2 course is a good one. This way you have a system to follow instead of throwing darts in the dark..lol Also you usually get the support with a good course. With John's Sub2 course, he gives you his personal cell # for life. It's hard to beat that kind of support. And of course, you know that you have TCI here. Good Luck!
For myself I think callinf them is better because if you freeze up you can just hang up the phone,, it's good practice for when you are in front of them face to face.. I'm the same way wich is kinda odd being that I'm in sales... rememmber " If you fear failer you fear success" ... That was a quote from some one thats just stuck in my head .................a friend of mine always tells me JUST DO IT,,,,,,,,,,any way you all have a great day .............MD